A developer from Fishers has been granted a tax abatement from the city for a workforce housing development project on the east side of Columbus.
The Columbus City Council voted 6-0 to approve the request from RealAmerica Development LLC for an $11 million project known as Gladstone Apartments. City Councilman Tim Shuffett was absent from the meeting.
The Fishers-based company plans to build the three-story complex at 411 S. Gladstone Ave. as part of an affordable-housing development that will bring 12 one-bedroom units, 36 two-bedroom units and 12 three-bedroom units, said Jeff Ryan, vice president of development with RealAmerica Development LLC.
The project is being targeted to individuals who earn 60 percent of the average median income in Columbus.
The tax abatement will be used to support RealAmerica’s application for tax credits that will be submitted to the Indiana Housing and Community Development Authority on July 30, Ryan said.
The council also voted 6-0 on Tuesday to declare the site at 411 S. Gladstone Ave. as an Economic Revitalization Area, a step that was necessary toward approving the abatement request. The tax abatement will save the company $1.42 million over a 10-year period, said Robin Hilber, community development programs coordinator with the city.
“We are hopeful that they will receive the tax credits and be able to move forward with this workforce housing project,” Hilber said. “It will be a great addition to the State Street area and hopefully provide additional needed employment as residents are able to find housing close to work.”
RealAmerica Development LLC plans to begin construction on the project next spring if it is awarded tax credits for the project, Ryan said. The company will also go before the Columbus Board of Zoning Appeals during its 6:30 p.m. meeting June 26 to seek conditional use for the project.
